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Insurance RANT!!!

Discussion in 'General Yachting Discussion' started by luvtocruise, Jun 24, 2021.

  1. luvtocruise

    luvtocruise Member

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    Location:
    Texas
    The guy I tried to get insurance with said the underwriters dont want to write me a policy ! 1 Claim 12 years ago for a power head on a 25’ boat. Problem is I jumped 28’ — I said stipulate a captain for a period, gave them a resume of other boats bigger and smaller I have driven for months and told them I would provide a financial statement and sign a document I have not made a claim in years— on any policy ranch,car,boat,home — so far— nope — And a high deductible — Ridiculous
    Warren Buffet is an A-hole and he has ruined the insurance business — just saying I may just go liability
  2. Norseman

    Norseman Senior Member

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  3. luvtocruise

    luvtocruise Member

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    I know crazy right? I use insurance as it is meant to be used — I am careful, diligent in planning, dont exceed my capabilities but stuff happens and that is when you use insurance — but they dont want you to use it at all and everyone is a crook, or they are crooks and if they cannot collect 100% then they dont want to play- -I get is— It’s a Bet— I am a safe bet— but they dont want to play I guess —frustrating
  4. olderboater

    olderboater Senior Member

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    Are you using an independent marine (marine only) insurance broker? If not, I strongly advise one.
  5. luvtocruise

    luvtocruise Member

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    Charter Lakes Houston — always done me right— in the past for smaller boats
  6. Pascal

    Pascal Senior Member

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    It s nuts. On the boat i run we went from $16k for a 2009 84 Lazzara to $51k for a 2005 116 Lazzara valued only 500k more. Same crew, same owners, zero claims. Our agent tried over a dozen insurers. Some declined because boat was too old, too big or the value was too low

    I can’t get coverage for my personal boat , a 1970 53 Hatteras. The only quote I got was $12k a year for $150k value. Never mind that I have $250k of invoices for the repower and refit over the last 3 years.

    Insurance companies took a beating during the last few storms. I know people who took zero precautions and got big fat checks for their totaled boats which the insurance companies sold for pennies on the dollars to people who fixed them up and made a killing.

    disgusting.
  7. gsholz

    gsholz New Member

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    PDX
    It sure seems to depend on where you boat (no surprise). Recently, I paid $1850 for 340k hull value with $2M liability in the PNW. This was a slow boat (2x 210hp Cats, 52GB Europa).
  8. bayoubud

    bayoubud Senior Member

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    Absentee owners and locals that do not tend their boats properly cause a lot of the losses in hurricane areas. Surprising the insurers pay their claims if not adhering to their hurricane plan.
  9. menkes

    menkes Member

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    Mar 13, 2007
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    93
    Location:
    Aretsou, greece
    try https://www.pantaenius.com/de-en/
    they insured my American flag yacht registered in Delaware, And anchored in Greece
    i don't know about big yachts but midrange is acceptable by them
  10. olderboater

    olderboater Senior Member

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    Pantaenius does not currently offer new policies for US flagged boats.
  11. menkes

    menkes Member

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    Sorry OB, but I suggested you try talking to the German office
    Mine is insured by them
  12. olderboater

    olderboater Senior Member

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    They will not insure US Flagged boats now. I chose other than Pantaenius years ago so not a problem for me, but it's a change they made within the last couple of years. They do renew, but no new policies.
  13. yr2030

    yr2030 Senior Member

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    Lloyd's insures our vessels. Just paid $2Mn for $100Mn in coverage and $500Mn in liability
    luvtocruise likes this.
  14. luvtocruise

    luvtocruise Member

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    Thanks yr2030 — but I think thats a little more than I need. Wow
  15. olderboater

    olderboater Senior Member

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    We're also with Lloyd's, but fortunately recreational coverage is far less expensive than commercial.

    One thing to not to those not aware, Lloyd's is not an insurer, but an insurance marketplace. Much like traditional marine brokers may have to shop your coverage regularly, Lloyd's also has to do the same.
  16. yr2030

    yr2030 Senior Member

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    Yes 300 agents and 340 or so sub agemts. Or you can be in a syndicate, in which you share the gains and the losses every year. When there are gains, they apply it to our statement. Wonderful people to work with....more than 75 years with them.
    https://www.lloyds.com/
  17. cleanslate

    cleanslate Senior Member

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    Location:
    Cherry Hill, NJ
    StateFarm will insure up to $50k with out a Survey , regardless of the year of the boat…over $50k they want a current survey.
    My previous insurance carrier canceled mine because the boat was just too old in their eyes even though it had a good survey.

    Anyway, It’s better than nothing.
    I have my 1981 Ocean insured with them@ $49k …lol. I forget how much it is offhand but under $800 a year.
    You might consider it .
  18. Oscarvan

    Oscarvan Senior Member

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    And a very interesting process it is. https://en.wikipedia.org/wiki/Lloyd's_of_London
  19. yr2030

    yr2030 Senior Member

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    Takes a while. They insured us when we were having the tugs built, thru to delievery and then ever since. Have had a dozen vessels insured thru them.
    Only had one hull loss and they paid that in a week.
  20. olderboater

    olderboater Senior Member

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    I got started decades ago insuring business property in Jamaica through them. Currently have lots of business insurance and boats through Lloyds plus homes insured through them. Consistency and continuation are their strengths.